Ex-Deutsche Banker Faces up to 30 Years for Crypto Investment Fraud

<p>Rashawn
Russell, a former investment banker at Deutsche Bank and registered broker, has
pleaded guilty to multiple counts of fraud in a US federal court. He was
involved in a cryptocurrency investment scheme through his R3 Crypto Fund and a
separate identity theft racket. Russell could face up to 30 years in prison and
is ordered to pay more than $1.5 million in restitution.</p><p>Two-Faced
Broker Capitalizes on Crypto Frenzy</p><p>Rashawn
Russell lured investors into his R3 Crypto Fund by promising lucrative and
sometimes guaranteed returns. He capitalized on the high investor interest in
the burgeoning cryptocurrency market. However, rather than investing the funds
as promised, Russell used the money for personal expenses, gambling, and to
repay earlier investors in a classic <a href="https://www.financemagnates.com/terms/p/ponzi-scheme/">Ponzi scheme</a>.</p><p>Between
November 2020 and August 2022, he systematically defrauded at least 29
investors, causing losses exceeding $1.5 million. The US Attorney for the
Eastern District of New York, Breon Peace, stated that Russell exploited the
trust placed in him by his clients, highlighting the need for stringent
oversight in digital asset markets.</p><blockquote><p lang="en" dir="ltr">